12 U.S.C. § 194 — Dividends on adjusted claims; distribution of assets

FEDERAL · 12 U.S.C. · Chapter 2

Dividends on adjusted claims; distribution of assets

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 2 — NATIONAL BANKS·Subch. XIII

From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held.

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From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held.

12 U.S.C. § 194 (Dividends on adjusted claims; distribution of assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

First Empire Bank-New York (By Its Successor in Interest Manufacturers & Traders Trust Co. Of Buffalo, New York, a New York Banking Corporation), and Societe Generale, a French Banking Corporation v. Federal Deposit Insurance Corporation and Federal Deposit Insurance Corporation as Receiver of United States National Bank, Federal Deposit Insurance Corporation and Federal Deposit Insurance Corporation as Receiver of United States National Bank, Counterclaimants-Cross-Appellants v. First Empire Bank-New York and Societe Generale, Counterdefendants-Cross-Appellees

572 F.2d 1361 (First Circuit, 1978)

12 case citations

First Empire Bank-New York v. Federal Deposit Insurance Corporation

634 F.2d 1222 (First Circuit, 1980)

12 case citations

Source Credit

History

(R.S. §5236; Pub. L. 103–325, title VI, §602(g)(12), Sept. 23, 1994, 108 Stat. 2294.)

Editorial Notes

Editorial Notes

Codification
R.S. §5236 derived from act June 3, 1864, ch. 106, §50, 13 Stat. 114, which was the National Bank Act. See section 38 of this title.

Amendments
1994—Pub. L. 103–325 struck out ", after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such association" after "From time to time".

Statutory Notes and Related Subsidiaries

Application to District of Columbia
Provisions of this section were made applicable to banks, etc. in the District of Columbia by act Mar. 4, 1933, ch. 274, §4, 47 Stat. 1567.

Executive Documents

Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.